Do you agree with Kyle? Why might a computerized environment be preferred over the manual system?
Q: A sheaf of papers in his hand, your friend and colleague, Akira, steps into your office and asked…
A:
Q: You are the bookkeeper for a small but thriving business. You have asked the owner for the…
A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…
Q: Required: a) Use activity-based costing to estimate the cost of preparing: i A wage and salary tax…
A: Calculations: Activity based costing rate: Obtain missing data number of follow up calls = 8000…
Q: You are employed as an accountant for Innovative Computing. Your company is in the process of…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: You are to interview a local business owner. (This can be a friend or relative.) Opening lines of…
A:
Q: You are employed as an accountant for Innovative Computing. Your company is in the process of…
A: Failure to report the information and transaction that are material for the contract agreement by…
Q: Outdoor Leadership School is a newly organized business that teaches people how to inspire and…
A: Classification of accounts as shown below: Assets are assigned number 1Liabilities are assigned…
Q: Question 1: What Would Your Accountant Say? The chief executive officer of a business start-up wants…
A: Accounting Information System In a simple word the term Accounting Information System which has more…
Q: You are to interview a local business owner. (This can be a friend or relative.) Opening lines…
A:
Q: Required: a) Use activity-based costing to estimate the cost of preparing: i A wage and salary tax…
A: Given information is: Mel Snow is the manager of a firm, Taxation Matters, which specialises in the…
Q: A sheaf of papers in her hand, your friend and colleague, Chloe, steps into your office and asked…
A: The question is based on the concept of Accounting Ratios. As per the Bartleby guidelines we are…
Q: Mel Snow is the manager of a firm, Taxation Matters, which specialises in the preparation of income…
A: Activity based costing is the costing technique which determines the cost of the product by…
Q: Why does a student need to understand how to use a manual, paper-based accounting information system…
A: Answer: There are various types of accounting system. Previously widely used system was paper based…
Q: Why does a student need to understand how to use a manual, paper-based accounting information system…
A: Explain the reason why it is necessary to understand the paper-based accounting in the ear to…
Q: ou are the finance manager of a firm that manufactures slippers, sandals and shoes. The owner of the…
A: A) As the finance manager of the company, I will first attend the marketing department then my own…
Q: Mel Snow is the manager of a firm, Taxation Matters, which specialises in the preparation of income…
A: Calculations: Activity based costing rate: Obtain missing data number of follow up calls = 8000…
Q: Mel Snow is the manager of a firm, Taxation Matters, which specialises in the preparation of income…
A: ABC (Activity based costing) framework was created to manage the drawbacks of customary costing…
Q: The following is an excerpt from a conversation between two employees of WXT Technologies, Nolan…
A: As per IAS 12 temporary differences has to be recorded in the books of accounts.
Q: fter reading a lot about earnings management, Bill, the owner of ACME, has decided he should try to…
A: Introduction :- ACME Company provides computer components and intends to expand by taking out a…
Q: You’re in charge of accounting at a small company. Your boss stopped you in the hallway and asks you…
A: The answer for the given practical question is presented hereunder :
Q: A sheaf of papers in her hand, your friend and colleague, Madison, steps into your office and asked…
A: Ratio measurement is in terms of Financial world, depicts that a single accounting figure by itself…
Q: What difference did LIFO make?
A: Inventory valuation is the valuation of the goods which are meant for the sale by the company. The…
Q: H&H, a Multinational Entity (MNE) for couple of years in Spain. One of its subsidiaries in an…
A: AIS refers to Accounting Information System. It is a structure used by an organization to collect…
Q: Mel Snow is the manager of a firm, Taxation Matters, which specialises in the preparation of income…
A: Activity rate = Activity cost / No of activities Under abc costing method, cost is allocated to…
Q: Jade Ltd is now considering how to obtain a computer software. The director of Jade Ltd has noticed…
A: Here intangible asset is recognized for internally generating asset
Q: why a business would want to set up an accounting system using special journals instead of using…
A: special journals - ** special journals are used to record the most frequently occurring…
Q: You are required to write a essay for no less that 300 words on all the users of accounting…
A: User of accounting information 1. Investors 2. Employees and labour unions 3. Lenders 4. Suppliers…
Q: Mel Snow is the manager of a firm, Taxation Matters, which specialises in the preparation of income…
A: Activity Based Costing (ABC) is a technique of cost allocation in cost accounting, in which the…
Q: Mel Snow is the manager of a firm, Taxation Matters, which specialises in the preparation of…
A: ABC (Activity-based costing) framework was created to manage the drawbacks of the customary costing…
Q: You are a public accountant with many small business clients. During a recent visit to a client’s…
A:
Q: i) A young graduate has just been employed as the Receivable Officer, responsible for billing of…
A: Accountant jobs require a high level of precision as well as prudence. They work in a conscientious…
Q: The following additional information is available at December 31, 2017: (a) Insurance of $450,000…
A: All the temporary accounts which are prepared for the period are closed at the year end. Temporary…
Q: what do you mean by this? The postage and telegram expense and 50% of salaries pertains to the…
A: The postage and telegram expense and 50% of salaries pertains to the corporate office while the…
Q: Tata Unisys is an integrated IT sector company. Its products include mini and microprocessor-based…
A: Note: Items like Current Assets, Current Liabilities, Long-term Liabilities are not given in the…
Q: s FIVE (5) functions of financial manager
A: An organization is a workplace where people with different functions work jointly to achieve some…
Q: You are a recently qualified accountant and have accepted a job as financial controller for a well-…
A: A whistleblower seems to be an individual who, while working for a firm or a government agency,…
Q: Mel Snow is the manager of a firm, Taxation Matters, which specialises in the preparation of income…
A: Activity Based Costing(ABC) is a method in costing in which the entity will assign the costs to the…
Q: Mel Snow is the manager of a firm, Taxation Matters, which specialises in the preparation of income…
A: ABC (Activity based costing) framework was created to manage the drawbacks of customary costing…
Q: Lily Company has the following staff: Ms. Momon - Acting Accounting head (Non CPA, this is because…
A: There are three departments in the organization 1. Accounting 2. Sales & collection 3.…
Q: Mohammed was recently interviewed for an accounting job. His employer told him that the job…
A: Financial accountant is a person who use to prepare books of accounts and management accountant is a…
Q: Answer each of the questions below. Due by Wednesday at 11:59 pm. What are a few of the main…
A: “Hey, since there are multiple questions posted, we will answer only one question as per our…
Q: explain why a business would want to set up an accounting system using special journals instead of…
A: The general journal can be defined as the instances when the business transaction is recorded in the…
Q: Mel Snow is the manager of a firm, Taxation Matters, which specialises in the preparation of income…
A: ABC (Activity based costing) framework was created to manage the drawbacks of customary costing…
The following conversation took place between Durable Construction Co.'s bookkeeper, Kyle Byers, and the accounting supervisor, Sarah Nelson:
Sarah:
Kyle, I'm thinking about bringing in a new computerized accounting system to replace our manual system. I guess this means that you will need to learn how to do computerized accounting.
Kyle:
What does computerized accounting mean?
Sarah:
I'm not sure, but you'll need to prepare for this new way of doing business.
Kyle:
I'm not so sure we need a computerized system. I've been looking at some of the sample reports from the software vendor. It looks to me as if the computer will not add much to what we are already doing.
Sarah:
What do you mean?
Kyle:
Well, look at these reports. This Sales by Customer Report looks like our revenue journal, and the Deposit Detail Report looks like our cash receipts journal. Granted, the computer types them, so they look much neater than my special journals, but I don't see that we're gaining much from this change.
Sarah:
Well, surely there's more to it than nice-looking reports. I've got to believe that a computerized system will save us time and effort someplace.
Kyle:
I don't see how. We still need to key transactions into the computer. If anything, there may be more work when it's all said and done.
Do you agree with Kyle? Why might a computerized environment be preferred over the manual system?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Suppose that a company called Futuristics, Inc hires you to work in Supply Cha Management. Your new manager sets up a meeting to discuss the Surfers, Inc. account. The meeting opens with the manager stating, "I just reviewed the financial report on Surfers, Inc. It really doesn't cost much to serve them, does i Which of the following would be an appropriate response to the manager's statement? Traditional accounting methods are perfect to help us make decisions about serving the Surfers, Inc. account Activity-based costing would be better to report the Surfers, Inc. results to the financial community Traditional cost accounting gives us a good measure for comparing by customer Activity-based costing could better show us how much it really costs to serve Surfers, Inc. Activity-based costing takes depreciation into account to enable us to know when to replace machineryAs Elaine Black reflects on her meeting with Jim Saxton and Peter Greyton, she considers where the company has been and where it is heading, and ponders the current issues regarding Robatelli's accounting information systems and its ability to take and record sales. She is concerned about the limitations of the current accounting information system. Are internal controls strong enough? Would a new, integrated IT system yield improvements? As she contemplates the integration of the POS systems at the restaurant locations with the GL software at the home office, she wonders about the requirements for developing and implementing such a system, and how to best utilize the system to support Robatelli's plans for growth. Elaine realizes that her ability to address these issues will be critical not only to the success of the company, but also to her career. Briefly describe the differences in Robatelli's three order-entry systems (in-store, telephone, and Internet). For each method,…As Elaine Black reflects on her meeting with Jim Saxton and Peter Greyton, she considers where the company has been and where it is heading, and ponders the current issues regarding Robatelli's accounting information systems and its ability to take and record sales. She is concerned about the limitations of the current accounting information system. Are internal controls strong enough? Would a new, integrated IT system yield improvements? As she contemplates the integration of the POS systems at the restaurant locations with the GL software at the home office, she wonders about the requirements for developing and implementing such a system, and how to best utilize the system to support Robatelli's plans for growth. Elaine realizes that her ability to address these issues will be critical not only to the success of the company but also to her career. Briefly describe the differences in Robatelli's three order-entry systems (in-store, telephone, and Internet). For each method,…
- After completing your first degree in accounting you have been employed by XYZ Company as an account officer. The Management of the company has tasked you to implement a computerized accounting system.RequiredIn a paragraph each, address the following questions:a) Discuss five benefits associated with the implementation of the computerizedaccounting system within the company.b) Giventhattherearesomanyaccountingpackagesonthemarket,whatshouldyoube looking for when selecting a computerized accounting package for the company?Explain any five factors to considerc) Assuming you procure a Sales Ledger package, what kind of reports should weexpect? List five types of reports expected to be generated.d) Explainthedifferencebetweenastand-alonepackageandanintegratedpackage?Explain two advantaged and two disadvantages of an integrated packagee) Before a new accounting package can be deployed, it needs to be configured. What does it mean to configure an accounting package? Explain the processes…You are employed as an accountant for Innovative Computing. Your company is in the process of signing a large contract with an electronics components supplier. You have a friend who works for the electronics components supplier, and you were told the company having trouble paying bills. You ask to review the financial statements of the supplier. 1. Which financial statements would you find most helpful to determine the creditworthiness of the supplier? What information from the financial statements would you use to either support or disprove your friend’s claims? 2. What are the four basic financial statements? What is their purpose and what does each one tell you about a company? 3. How are the four financial statements interrelated? Which line items are used to prepare other statements? 4. In your opinion, explain which financial statement you think is the most important?Janet has a small business which is a spa and beauty retreat where she also employs a few staff. With her growing operation she has identified the need to implement a computerized accounting information system. In order to have a system that meets her needs exactly and also to save cost, she has asked you to create a simple, customized solution for her business. Her immediate need is for a customer sales information system, so that is what you will now create. Janet’s receptionist maintains a client file that contains each client’s full name, cellphone number, favourite treatment (if known), and special considerations (e.g. allergies). When a client wants to come in for spa or beauty services, they first call Janet’s receptionist for a reservation. The receptionist books a time in her appointment book, noting a unique identifier for the visit, the date and time of the appointment, what service or services the client will receive, the total price, and which staff member will serve the…
- You are employed by a business consulting firm as an information systems specialist. You havejust begun an assignment with a startup company and are discussing with the owner her need for anaccounting system. How would you respond to the following questions from the owner?a. What is the meaning of the term accounting system?b. What is the purpose of an accounting system and what are its basic functions?c. Who is responsible for designing and implementing an accounting system?Accounting professionals apply many technology tools to aid them in their everyday tasks and decision making. The General Ledger tool in Connect automates several of the procedural steps in the accounting cycle so the accounting professional can focus on the impacts of each transaction on the full set of financial statements. use this tool in helping students see the advantages of technology and, in particular, the power of the General Ledger tool in accounting practice, including financial analysis and “what-if” scenarios. How much are total expenses for Apple for the current year?You are employed as an accountant for Innovative Computing. Your company is in the process of signing a large contract with an electronics components supplier. You have a friend who works for the electronics components supplier, and you are aware of the company having trouble paying bills. *Explain why you should or should not report this to your employer before the purchase.
- You were hired to assist Oman based Company in designing an accounting system for Oman Co., Ltd. has developed a list of the journals, ledgers, reports and documents that he thinks Oman Co., Ltd. The company asks you to complete the following tasks: a) Specify what data you think should be collected on each of the following four documents: Sales invoice, purchase order, receiving report, employee time card. b) Design a report to manage inventory. e) Design a report to assist in managing credit sales and cash collections. d) What types of journals, ledgers and blank forms for various documents ( Sales invoices, purchase orders etc)Assume that you are currently working as an accountant, and your manager has to take an unexpected sick leave. Because you did very well in your accounting classes, the Senior Accountant asks you to step up and help with the review of reconciliations. What would be your first step? Maybe you would dive right into it, assuming you would figure out what to do as you moved through all the existing reconciliations, or maybe you would ask for a copy of policies and procedures for this task if any exist, so you could find instructions without asking the Senior Accountant constantly what to do. In addition to reviewing reconciliations, you will need to review disclosures to financial statements. How would you know if all the necessary disclosures were prepared and contained correct information?Suppose you are a part of a group of students from a prominent university and were sent out as a team to work with a leading merchandizing company as a part of a work experience program. The team having been introduced to the general manger was told that the Accountant who normally prepares the financial statements has suddenly resigned and there is no one available to prepare the company’s financial statements which are now due. As aspiring university students, you have expressed an interest in taking on the task. You are required to analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements.